The wealth management arm of German lender Deutsche Bank has reported a fall in revenues of 9% to €429m from €470m.

Overall, the embattled Deutsche Bank reported a net loss of €3.1bn for the second quarter of 2019, driven by transformation charges of €3.4bn.

Excluding these charges, the bank’s net income would have been €231m, almost half the previous year’s figure of €401m.

The recent restructuring of the group resulted in 18,000 lay-offs and the bank’s departure from the global equities business.

The overhaul followed a series of losses and failed turnaround initiatives, fines, and a collapsed merger with Commerzbank.

On a reported basis, net revenue at the group dropped 6% to €6.2bn from €6.59bn last year.

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Deutsche Bank’s common equity tier 1 ratio at the end of June 2019 was 13.4%.

Private & Commercial Bank (PCB)

The Private & Commercial unit of Deutsche Bank reported a pre-tax loss of €241m in the 2019 second quarter, as against a profit of €262m last year.

PCB’s revenues of €2.5bn were 2% lower than the previous year.

However, revenues in the domestic PCB business increased 2% to €1.67bn from €1.63bn. In the international PCB business, revenues dipped 3% year-on-year to €366m.

Asset Management

Net revenues in the asset management unit rose 6% to €593m from €561m.

The division’s pre-tax profit for the three-month period ended 30 June 2019 was €89m, down 5% from €93m in the comparable quarter last year.

Deutsche Bank CEO Christian Sewing said: “We have already taken significant steps to implement our strategy to transform Deutsche Bank. These are reflected in our results. A substantial part of our restructuring costs is already digested in the second quarter.

“Excluding transformation charges the bank would be profitable and in our more stable businesses revenues were flat or growing. This, combined with our solid capital and liquidity position, gives us a firm foundation for growth.”